Memphis-based International Paper received a $400 million special payment, while UWW Holdings Inc., parent company of Unisource Worldwide Inc., will merge into Veritiv. UWW Holdings will receive more than 7.8 million shares of Veritiv’s common stock.

Under the stock structure, International Paper will own an estimated 51 percent of the shares while UWW Holdings will hold 49 percent.

“The completion of this transaction and creation of Veritiv provide excellent value for International Paper shareholders, as this new independent public company emerges with opportunities to be stronger and more competitive than either of the merged companies alone,” John Faraci, International Paper’s chairman and CEO, said.

The merger was announced in April 2013, is a $400 million deal. Veritiv will have an estimated 9,500 employees across 170 distribution centers in North America and more than $9 billion in expected revenue. The company will be based in Atlanta, but will operate offices in Loveland, Ohio and Norcross, Ga.

Veritiv’s stock began trading on the New York Stock Exchange July 1, and will begin trading “in a regular way” July 3, under the symbol VRTV.

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